California's Proposition 37, a citizen-initiated statute on the November 2026 ballot, would authorize the California Housing Finance Agency to issue up to $25 billion in revenue bonds for a second-mortgage loan program covering as much as 17% of the purchase price on qualifying new homes. Eligible buyers, defined as state residents earning at or below 200% of area median income who contribute at least a 3% down payment, would pair the assistance with a conventional first mortgage. Early PPIC polling from May 2026 showed 53% support, reflecting broad voter concern over housing costs but tempered by questions about the scale of new state borrowing and repayment through homeowner mortgage payments. The measure's slight edge in trader consensus aligns with this narrow polling margin, as competing priorities among multiple housing-related propositions and debates over targeting new construction versus broader affordability measures keep the outcome closely balanced. Additional polling releases, campaign finance disclosures, or shifts in economic conditions could alter positioning ahead of the vote.